Waitrose changes hands for £12 million

The Waitrose building in Newton Mearns has been sold for more than £12 million

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A Waitrose store building near Glasgow has changed hands for £12 million.

The unit at Newton Mearns to the south of the city was bought by an unnamed UK investor from Northern Bank Pension Trust which is managed by Danske Bank.

The unit was purpose built for Waitrose around nine years ago and is described as the catalyst for a wider retail and residential development known as Greenlaw Village.

Extending to approximately 36,189 sq ft (3,362 sq m) with 182 generous car parking spaces, the unit is let to Waitrose for a further 12 years and generates a rent of £714,733 a year. The sale price reflects a net initial yield of 5.55%.

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The store is popular with locals who are offered free tea, coffee and newspapers with their messages.

Stuart Orr, director in the investment team at selling agent Savills Glasgow, said: “The Waitrose in Newton Mearns is a compelling investment given the demographics of the catchment which is set to significantly grow with a further 3000 new family homes being built within five minutes drivetime of the store, coupled with an attractive yield discount that continues to exist in Glasgow compared to other key UK regional markets.”